Legal Dictionary of Pakistan
Quick lookup for English, Urdu, and Latin legal terms used in Pakistani jurisprudence.
generation-skipping transfer tax
A gift or estate tax imposed on a generation-skipping transfer or a generation-skipping trust. - Also termed generation-skipping tax; transfer tax. IRC (26 USCA) §§ 2601-2663. See DIRECT SHIP; GENERATION-SHIPPING TRANSFER; generation-skipping trust under TRUST; TAXABLE DISTRIBUTION; TAXABLE TERMINATION.
generationskipping transfer tax
under TAX; SKIP PERSON.
stock-transfer tax
A tax levied by the federal government and by some states on the transfer or sale of shares of stock. - Often shortened to transfer tax. "Some state statutes impose special taxes, usually in the form of a stamp tax, upon sales and agreements for sale and other transfers of stock in corporations. Such a tax is in the nature of an excise tax on the transfer. Taxes on the issuance and transfer of corporate stock, commonly known as 'stock transfer taxes' and payable by means of stamps, are constitutional, as within the power of state governments." 71 Am. Jur. 2d State and Local Taxation § 643, at 896 (1973).
transfer tax
1. A tax imposed on the transfer of property, esp. by will, inheritance, or gift. ( The federal estate-and-gift tax is sometimes referred to as the unified transfer tax (or the unified estate-and-gift tax) because lifetime gifts and death gifts are treated equally under the same tax laws. 2. See stocktransfer tax.
unified transfer tax
See transfer tax under TAX.